+++ S&P Downgrades UK Government Debt +++

Peter Oborne told Sky…

“Gordon Brown has cast a slur on gentlemen’s clubs.  

People in gentlemen’s clubs don’t steal.”

THURSDAY, MAY 21, 2009

+++ S&P Downgrades UK Government Debt +++

Gilts have tumbled on the news that the debt rating agency Standard & Poor’s has just lowered its credit outlook on the U.K. to negative, from stable, in view of the government debt crisis.

S&P has so far kept the Triple “A” rating intact, but the outlook change signals that the the UK’s credit rating could be lowered:

“We have revised the outlook on the U.K. to negative due to our view that, even assuming additional fiscal tightening, the net general government debt burden could approach 100% of GDP and remain near that level in the medium term…”

Note the use of the term “general government debt”. That is because government uses discredited debt definitions to make out that Britain has lower government debt than it really does.  The markets simply don’t believe the government’s figures.

Lasy October Guido “Asked the PM” via video (creatively using Ms Fawkes’ crayons and sticky backed plastic) about how Gordon added up the national debt:

And he, errm, cherrily trotted out a very disingenuous line:

The markets didn’t believe him and now neither do the ratings agencies…

+++ Moran’s Andalucian Villa +++

That makes how many properties?  Expat website the Olive Press reports Moran has made money renting her fourth home, a luxury property in the Alpujarras:

She has rented out the four-bedroom villa in Granada at various times since buying it in 1984… Holiday lettings agency Rustic Blue confirmed to the Olive Press that it had rented out the luxury property in Padre Eterno, near Orgiva on a number of occasions.

How much taxpayers money has she and her husband had to fund her lifestyle? Tags: Snouts in the